1 Jun 2006, 00:00 - 14 Oct 2025, 11:10
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Asset prices in emerging markets rallied to record highs in the first quarter of 2006, with bonds and equities posting strong performances on top of already remarkable 2005 gains. Spreads on dollar-denominated bonds issued by Latin American borrowers tightened by 68 basis points in the first quarter of the year, according to the Latin component of J.P. Morgan's EMBI+ index, while the Morgan Stanley Capital International (MSCI) for Latin America, an indicator of stocks' performance, increased by 15%. Emerging and Latin American markets continued to be supported by active debt managem…
1 Feb 2006, 00:00 - 14 Oct 2025, 11:10
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Emerging market bond spreads tightened to record low levels in 2005, as a result of the search for yield in face of ample global liquidity and improving fundamentals in emerging market countries. According to J.P. Morgan, most of the EMBI Global's 8.96% total return in 2005 was derived from spread tightening, which totaled 110 basis points in 2005. The EMBI+ spreads tightened 111 basis points and its Latin component tightened 137 basis points in 2005. Emerging and Latin American markets were also supported by active debt management, as countries took advantage of the favorable external en…
1 Jun 2006, 00:00 - 14 Oct 2025, 11:10
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This document was prepared by the Economic Projections Centre, under the supervision of Hubert Escaith, Director of the Statistics and Economic Projections Division of the ECLAC. André Hofman, Chief of the Economic Projections Centre (ECP), was in charge of technical coordination and for conducting the study. The assistance of the national and subregional offices and of the ECLAC Economic Development Division was much appreciated. The views expressed in this document, which have not been formally edited, are the sole responsibility of the working group and do not necessarily reflect the vi…
1 Ene 2006, 00:00 - 14 Oct 2025, 11:10
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Contents
Foreword
Regional Financial Cooperation: Experiences and Challenges, José Antonio Ocampo
Reforming the Global Financial Architecture: The Potential of Regional Institutions, Roy Culpeper
Regional Development Banks: A Comparative Perspective, Francisco Sagasti and Fernando Prada
Regional Exchange Rate Arrangements: The European Experience, Charles Wyplosz
European Financial Institutions: A Useful Inspiration for Developing Countries? Stephany Griffith-Jones, Alfred Steinherr, and Ana Tereza Fuzzo de Lima
Macroeconomic Coordination in Latin America: Does It Have a Future? J…
1 Nov 2006, 00:00 - 14 Oct 2025, 11:10
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Abstract The unprecedented accumulation of international reserves by emerging markets raises the question of how to best utilize these funds; in particular if they should be held as a war chest to guard against the risk of financial crisis or if they should be used to recapitalize and strengthen weak banking systems. A third issue is if the resource cost could be limited by pooling the holdings of different central banks and if so, to what objectives should this reserve pool be put. This paper considers these questions with reference to the countries participating in the Latin American…
1. Rasgos generales de la evolución reciente La actividad económica en el Istmo Centroamericano registró en 2005 una expansión igual a la del año anterior (4%), apenas por debajo del promedio de América Latina y el Caribe (4,3%). Excluyendo a Panamá, la tasa de crecimiento se elevó de 3,3% a 3,6%. También fue notable una menor dispersión de las tasas alrededor del promedio. Todos los países se hallan en la fase expansiva del ciclo económico, ya que se cumplieron tres años de incremento del producto interno bruto (PIB) por habitante, después del retroceso ocurrido en el bienio 2001-2002. Si …